Member Info for briansmith100000

So much for the big vote, looks like only those with a big interest in 80% of CWR landing in the hands of the placees voted it in!! 22,612,549 proxy votes, votes in favour 22,612,549, votes against 4,877 Holders of 63,593,359 shares didn't even bother to vote!! Holders of 73.76% of the stock DID NOT BOTHER TO VOTE!! EVEN BY PROXY!!

Bizarre!! On the one hand it's not surprising that some idiots would ask for loads of shares as they were only 1p each, but on the other hand it's surprising that anyone actually wants the stock, when they know full well there is a lot of dilution coming in as little as 6 months time and that those owning 80% of the company will be the one's stumping up the cash and ending up with an even bigger percentage of the company!! I think after the next fund raise there will be less than 5% of the company in trading hands, so hardly worth being listed, also the big holders can vote a takeover of that 5% and get it through themselves at a very low price. Talk about throwing good money after bad LOL!! This stock is clearly for clowns and fools only LOL!!

"In the event that the Resolutions are not passed at the General Meeting and the Fundraise is not completed, the Board will immediately wind down the Group's operations culminating in the liquidation of each company in the Group." By allowing the fundraise to go ahead it can cost the current holders nothing, unless they take up the offer in which case it costs them a bit. By allowing the fundraise to go through, the current holders will still end up with 20% of their current holding, the other 80% of the value will be diluted out to the placees and those taking up the offer shares. If the current holders block the fundraise, the company will be wound down and these holders will get sweet F.A, so it's an obvious yes vote. "Upon completion of the Fundraise, the Firm Placing Shares and the Open Offer Shares will in aggregate represent approximately 79.29 per cent. of the Enlarged Issued Share Capital and the Existing Ordinary Shares (which will be re-designated as New Ordinary Shares pursuant to the Capital Reorganisation) will represent approximately 20.71 per cent. of the Enlarged Issued Share Capital. The amount that Shareholders could receive in respect of their current shareholdings in the event of a wind down and liquidation is uncertain but Shareholders should be aware that depending on certain aspects of such a process they could receive little or no value for their current shareholdings." Existing shareholders will end up with about 5%% of CWR in the long run, because this fundraise will only bring in enough cash to last 6 to max 9 months IMVHO. "However, the Board believes that it remains unlikely that Ceres will achieve positive operational cash flow in the next 12 months and as such the Board anticipates that further funding will be required in the future to further commercialise the Group's technology." What idiot decided it was a good idea to keep on 50 staff, for an R&D company that has already failed miserably to raise cash due to it's massive cash burn rate and epic failure to convert it's technology to a viable commercial product?? The word 'unlikely' in the quote above should be replaced with IMPOSSIBLE. Placees will end up with almost 80% of CWR after this fundraise, the next one in 6 months time will be lower than 1p IMVHO, because no way will CWR deliver any added value in the next 6 months, despite what I expect will be a lot of hot air and hype RNS's to come, all it will do is burn all the cash it is raising now. So IP2IPO, ORA and Sarasin will be the only one's stumping up cash in the next fundraise and it will take them to 95%+ owenership of CWR, hardy a real listed company any more as less than 5% of CWR will be free to open trading, thus I believe IP2IPO/ORA/Sarasin will forcibly take over 100% of CWR and that will be the end of this busted flush as far as PI investment goes!! You have been warned, for what is IMVHO the penultimate time.

CFU still need to fix the big furnaces, they have had all of November and part of December, 5 weeks to finish the job but not a word on progress yet: "During September and October we will use the large furnace to make stacks to meet forecast sales. We will then complete the modification of the furnace, to allow a combined production capacity of approximately 32 stacks per week (or 1,500 stacks per year)." Still no sales since the fund raising so not looking good, as CFU will need more cash before the middle of next year. Cash at end of Sept was £8.7m, cash burn for the Sept quarter was £2.9m, so enough cash for 9 months exactly, but fund raising will need to be done about 3 months before cash runs out, which means fund raising at the end of March 2013.

Feel free to go back over the information I have previously posted on this board, you will find it has in fact been rather conservative as I will explain now. I said CWR might be able to raise cash at 3p-4p and that no way would they be able to raise cash in the current financial climate with a failed technology at the hyped up price of 10p+ per share as claimed by several ramping posters, in fact all they could get was 1p per share, so even I was giving them too much credit. I also said that CWR need to prove that they can create a viable commercial product from the technology, which they still do not have as per the RNS on fund raising quoted below. Bearing in mind that a commercially viable system needs to last at least 10 years, the CWR system at the current degradation rate of 0.5% per 1000 hours the product will degrade as follows (as a minimum, chances are it will degrade faster as it gets older). Starting with 1kW of output: End of year 1 = 956.2w End of year 2 = 912.4w End of year 3 = 868.6w End of year 4 = 824.8w End of year 5 = 781w End of year 6 = 737.2w End of year 7 = 693.4w End of year 8 = 649.6w End of year 9 = 605.8w End of year 10 = 562w So by the end of year 3 it is only producing 824.8w instead of the 1000w it is supposed to produce. At the end of year 5 it is down to 781w. By the time it gets to year 8 it is producing just 649.6w or less. Nobody is going to buy it with that rate of degradation. The product manufacturers will work out exactly what I have worked out and they will know that they wont be able to sell products that degrade that fast, people will just buy boilers that last 20 years plus, or products like the Baxi Ecogen, or if prices drop low enough they will buy other fuel cell products like the CFU one (currently €28,000 so too expensive). ---------------------------------------------------- The Group continues to operate a prototype m-CHP unit, which has run for more than six months on mains natural gas with degradation rates in line with those achieved at cell stack level (i.e. less than 0.5% per 1000 hours). Following the progress achieved, the Group approached institutional and other investors in October 2012 to raise funds to enable the Group to continue its strategy of developing, testing and trialling m-CHP products and launching the product in the UK and European markets from 2016 onwards. However, in the prevailing financial climate, it did not prove possible to secure sufficient funding to continue with this strategy, which would have required a likely total equity investment of approximately £80 million over the next four years to reach product launch.

The quoted text below from the RNS means the CURRENT stock is only worth 1p, you would have to be thicker than pig muck to not understand this and even thicker if you buy the stock at anything more than 1p. "In order to effect the Fundraise, the Company proposes to implement the Capital Reorganisation. This will involve each Existing Ordinary Share being subdivided into and redesignated as 1 New Ordinary Share of 1 pence and 1 Deferred Share of 4 pence. The New Ordinary Shares will have the same rights and benefits as the Existing Ordinary Shares. The Deferred Shares will not be listed, will be effectively valueless and it is intended that all the Deferred Shares will be surrendered for no value and/or cancelled in due course."

Ceres was until recently burning £1.4 million in cash per month. Most of that was on staff. Now assuming that most are on three or six month notice periods, losing those staff will not exactly be cheap and cannot be done overnight. The well paid old board has fallen on swords and that will save quite a bit but if one assumes that cashburn is ( somehow) cut by two thirds that still only gives this company until Easter to either start generating material revenues or to raise money yet again. I will bet the monkeys at Spreadbet magazine 5 Albanian Lekke that this company will raise cash again, at least one more time before next summer. Meanwhile the valuation on a proforma basis is £12.5 million. In effect you are paying £10 million for technology which is commercially unproven owned by a company that could well be out of cash again by Easter. The shares remain a strong sell. The target price is clearly not 0p yet as there is now cash in the bank but I cannot see why this stock should trade at a mammoth premium to net cash until we get a handle on its true net cash & trade payables position, ongoing monthly cashburn rate and any sense that revenues are on the way. As such I’d say about 1p a share was fair value pro tem. http://www.advfn.com/newspaper/tom-winnifrith/13427/ceres-power-amp-duff-calls-still-a-sell

Keep up!! Seems Tom still thinks along the same lines as me, the logical and correct lines!! Ceres Power & Duff Calls – Still a sell Fuel cell technology developer and all round eco-green nonsense penny dreadful Ceres Power (LSE:CWR) is not going bust. It has found a saviour. As such my target price of 0p is (pro tem ) looking a bit optimistic. For now. But are the shares really worth 3.01p? I very much doubt it. As I shall explain below. To those who are 20% out of the money so far I apologise. I see that Spreadbet Magazine says this was a very “duff call.” So far it looks that way. This is of course the same magazine that in September made Ceres a “conviction buy” at 5.2p and which in the summer said the shares were a strong buy at 12p and heading for 20p. Aaaah the powers of Technical Analysis. I suppose if my minus 20% advice is a duff call that buy at 12p advice ( minus 75%) can only be described as a “quadruple duff call” . I will not honour Spreadbet with a link in case you find any other conviction buys which might lure you into TA inspired penury. Anyhow, where now? The company is currently raising £3.3 million via a placing and open offer at 1p. As per my previous analysis, as at the end of October net cash minus trade payables was virtually nothing. The company has admitted as much when it warned that an orderly wind-down of its business would be unlikely to secure anything for shareholders. So assuming the open offer is fully taken up my guess is that if you knock off a bit for broker fees, documentation plus the November cashburn net cash (minus trade payables) will be c£2.5 million at most. The business plan is now changing. Ceres says: “Under this alternative business model, Ceres will offer its technology (through components including cells, stacks and FCMs) to customers to be incorporated into their own products for multiple mass market applications, including m-CHP. Ceres would expect to earn revenues from a combination of development licenses, on-going fees for services and royalties on partners’ mass market product sales. The core fuel cell and FCM technology is considered by the Board to be suitable for m-CHP in territories including Europe, South Korea, Japan and North America, and may also be used as the basis of products such as vehicle auxiliary power, telecoms base station power and larger scale distributed generation. To implement the revised business model, the Group is refocusing the size and scope of the business to maintain the necessary core technology, system integration and pilot-scale cell manufacturing capability, but it will no longer maintain the capability to design, develop and sell complete m-CHP products.” Okay but as the company admits, the product is not yet being snapped up across the board it wants to be “focusing the Group’s resources on the development and commercialisation of the Cer

Looks like part of the 1p trades was the 107m issued in the placing, but what about the rest? Sells, certainly a lot of it anyway. 1p soon, once all the new stock is issued AT 1p!

Looks like I was right again (as I always am with this stock). Check the late trades, massive seller(s) at 1p. If you balance the deletion trades with it's partner trade you still end up with a total of 264,500,000 dumped at 1p. http://www.lse.co.uk/ShareTrades.asp?shareprice=CWR&share=ceres_power SueYou1 30 Nov'12 - 07:04 - 5089 of 5099 0 0 edit A lot of people have got it all wrong again and the one's in the know are telling porkies to make sure they get the best out of this fund raising. Who am I referring to? Not the placees that's for sure! No, I am talking about those spouting ridiculous prices for a stock that has been declared by it's offer as only worth 1p!! How can these con-men and con-women make the most of the fund raising? EASY!! Punter A owns 650,000 CWR. At the closing of the offer TODAY they have their entitlement to buy 49 Open Offer Shares for every 65 Existing Ordinary Shares they held at this date. Punter A on 29 November sells her 650,000 CWR at 3p bagging £19,500 Punter A no longer holds a risky holding in CWR Punter A, if the fund raising is voted in, can buy up to 490,000 CWR shares at 1p, a cost of just £4,900 Punter A is in pocket to the tune of £14,600 for the sake of cutting their holding from 650,000 shares to 490,000 shares Now you can see why the stock is still being pumped when it's actually only worth 1p and will be worth a lot less before it gets to it's next fund raising in 6-9 months. ---------------------------------------------------- "Qualifying Shareholders" Shareholders whose Existing Ordinary Shares are on the register of members of the Company at the close of business on the Record Date with the exclusion of (subject to exceptions) persons with a registered address or located or resident in the Restricted Jurisdictions "Record Date" close of business on 28 November 2012

Should have said "Punter A owns 650,000 CWR" (changed it to make it easier to work with)

A lot of people have got it all wrong again and the one's in the know are telling porkies to make sure they get the best out of this fund raising. Who am I referring to? Not the placees that's for sure! No, I am talking about those spouting ridiculous prices for a stock that has been declared by it's offer as only worth 1p!! How can these con-men make the most of the fund raisng? EASY!! Punter A owns 1,000,000 CWR. At the closing of the offer they have their entitlement to buy 49 Open Offer Shares for every 65 Existing Ordinary Shares they held at this date. Punter A on 29 November sells her 650,000 CWR at 3p bagging £19,500 Punter A no longer holds a risky holding in CWR Punter A, if the fund raising is voted in, can buy up to 490,000 CWR shares at 1p, a cost of 4900 Punter A is in pocket to the tune of £14,600 for the sake of cutting their holding from 650,000 shares to 490,000 shares "Qualifying Shareholders" Shareholders whose Existing Ordinary Shares are on the register of members of the Company at the close of business on the Record Date with the exclusion of (subject to exceptions) persons with a registered address or located or resident in the Restricted Jurisdictions "Record Date" close of business on 28 November 2012

So CWR have finally announced their fund raising and again proven me right with my views that the 10p+ per share ramping on CWR BB's was never going to happen. As I correctly stated, CWR is only worth what anyone with the cash is willing to pay for the stock, which it transpires is ONE PENNY PER SHARE! (way below even my conservative estimate that they might get cash at 3p-4p) They are 'hoping' for this "Proposed Firm Placing to raise £2,650,000 and Placing and Open Offer to raise £650,000 to raise a total of £3,300,000 (before expenses)". They might get the placing cash as it's easy for voters to say yes to the free money, but the extra £650k of existing investors cash, I doubt they will even get 1/3 of it. "Issue price for the Firm Placing and Placing and Open Offer of 1 pence per New Ordinary Share" Note "the Board is proposing to raise £3.30 million (before expenses) through the issue of 265,000,000 New Ordinary Shares through a Firm Placing and 65,000,000 New Ordinary Shares through a Placing and Open Offer" Currently there are 86,215,662 shares in issue. After the fund raising, if it goes through: 265,000,000 + 65,000,000 + 86,215,662 = 177,715,662 x 1p per share = £4,162,156.62 MCap Some people were claiming CWR was worth £10m+ with a much smaller placing at 10p a share LOL!!!! Today the stock is well over valued at £2.56m MCAP. It will fall as the placing date gets closer because the current stock after dilution will only be worth 1p per share for £862,156.62 IN TOTAL vs the £2.56m it is currently priced at. The new business plan changes very little, all it does is remove the big overheads of an overweight company and spilt future potential from mCHP with partner companies, greatly reducing potential future earnings from what longs were anticipating. What it certainly does not do is bring sales any closer than 2016, because CWR can make stacks but they still need to progress them to a commercially viable state, then the partners have to test them for extended periods to PROVE that the systems are commercially viable. The time-scale CWR had of 2016 won't be altered by the change of business plan. "The Ceres development plan through to the next field trials in 2014 and the anticipated product launch in 2016, requires further testing and refinement of its core technology and validation of degradation and cycling on multiple stacks over extended periods of operation. " http://www.investegate.co.uk/ceres-power-holdings-(cwr)/rns/technology-update-and-independent-expert-report/201209180700044291M/ The risk to investors of a failed second attempt to prove the technology can produce a VIABLE commercial product, is no less in the new plan than under the old plan. The stock is still a SELL and AVOID IMVHO

Two months since the fund raising and not a single sale registered. That is two months of cash burnt with very little to show from it. Also CFU has dropped Australia as a market so it's markets are reduced to pretty much UK and Germany. Two months from a desperate fund raising and they haven't sold anything. Cash at 30 Sept was £8.9m. Cash burn in the prior quarter was £2.9m. So only enough cash to last to 9 months from Sept 30 is now 7 months cash left. Thus it is another 3-4 months to the next fund raising. "Net operating cash outflow for the September quarter was AUD 4.5m (GBP 2.9m)" "Unrestricted cash on hand at 30 September was AUD 13.6m (GBP 8.7m)" £1.4m is locked up as security and cannot be used by CFU. "AUD 2.2 million (GBP 1.4 million) has been pledged as security and is unavailable for use by the Group."

http://www.tradingresearchpoint.co.uk/2012/11/06/ceres-power-do-not-get-too-excited-by-rns-today-still-almost-certaintly-worthless/

CERES first RNS was entitled 'Wind down of Business' Their replacement RNS was entitled 'Company Update (Replacement)' I take it that the first one was accurate and the discussions are going nowhere so they are looking at winding down soon, the second was put out when they realised their mistake!! http://www.investegate.co.uk/ceres-power-holdings-(cwr)/rns/wind-down-of-business/201211061400364553Q/ http://www.investegate.co.uk/ceres-power-holdings-(cwr)/rns/company-update-(replacement)/201211061632134820Q/

crazy1, I see you have put down loads of facts to prove me wrong .. NOT!! My interpretation is spot on, always has been, including predicting the last two fund raisings, the lack of sales after hyping up every trial, the furnace issues not being fixed when they promised, plus loads of other things I interpreted correctly. When you actually have some data to prove me wrong, bring it on!! In the meantime your just spouting hot air.

It's make or break for CFU! Not only have they gone back on all the hype about Victoria being THE PLACE to sell loads of Bluegens, they have cut Japan and the far east as they can't compete out there, so their target markets are down to just Germany and maybe the UK. http://citysolar.com.au/solar-energy-information/ceramic-fuel-cells-packs-its-bags-and-moves-to-europe/ I get the feeling that 7 years payback and €18,350 net cost after subsidies is not a game changer even in Westphalia and CFU will struggle to reach sales of 500 in the next 6 months, by which time they will be back to the market for more cash. Stirling engine Baxi at €6500 (+VAT if applicable in Westphalia) minus the subsidies is down to maybe €3000, people will be more interested in paying that price and getting payback in less than 5 years (£600 a year saving as stated in the advert), than what they might hope to get by running a Bluegen 24/7/365 for 7 years after paying €15,350 extra for it now. A Baxi also does central heating, a Bluegen only heats hot water for shower or dish/clothes washing so a buyer still needs to have something else the heat their home/office/etc. http://www.bhl.co.uk/product/BAXI_ECOGEN_2410_MICRO_CHP_HEAT_AND_POWER_GAS_BOILER

How do you think CWR got in this mess in the first place? It was because they could not commercialise the technology due to the product being rubbish. To create a new product that will test whether the technology can be commercialised will take at least four years, but nobody is interested in paying the massive cost of that 50/50 chance. I know that you rampers know this, so you are trying to pull the wool over unsuspecting mugs that do not understand technology. Exactly what part of this do yo not understand? "The Ceres development plan through to the next field trials in 2014 and the anticipated product launch in 2016, requires further testing and refinement of its core technology and validation of degradation and cycling on multiple stacks over extended periods of operation. " http://www.investegate.co.uk/Article.aspx?id=201209180700044291M There will not be any funding forthcoming because CWR have tried EVERYONE and EVERYONE said NO, NO ,NO! CWR will be delisted within a month IMO. Anyone buying this stock is just throwing money away.